Glasgow, Inc. uses the periodic inventory system. On February 1, the corporation purchased inventory on account for $14,000. The terms were 4/10, n/30. On February 2, it returned damaged goods worth $700 to the supplier and was granted an allowance
Give the journal entry for the payment if the invoice is paid after the discount period. (Round your answers to the nearest dollar.)
A)
Accounts Payable 13,440
Cash 12,902
Purchase Discounts 538
B)
Cash 14,000
Accounts Payable 14,000
C)
Accounts Payable 13,440
Cash 13,440
D)
Cash 12,902
Purchase Discounts 538
Accounts Payable 13,440
C
Business
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